Techne Corp. Q4 Profit Beats Estimates - Quick Facts

(RTTNews) - Techne Corp. (TECH) Monday reported lower earnings for the fourth quarter, reflecting higher operating expenses. Net sales, however, grew 16 percent year-over-year. Net earnings were down to $26.8 million or $0.72 per share from $28.4 million or $0.77 per share a year ago. Excluding certain items, earnings for the fourth quarter totaled $32.5 million or $0.88 per share. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.85 for the quarter. Analysts' estimates typically exclude special items.

Net sales for the period improved to $92.5 million from $79.5 million in the year-ago quarter. Analysts expected revenue of $91.80 million. Total operating expenses rose to $24.7 million from last year's $19.3 million. The board declared a quarterly dividend of $0.31 per share, payable on August 29, to all common shareholders of record on August 21.